FPA New Income Fund
Investment Managers Series Trust III · Series S000080693 · 2 share classes
data updated 2026-09-08
Fund profile
As filed in the prospectus · 2026 Q1
The FPA New Income Fund (the "Fund") seeks to provide long-term total return, which includes income and capital appreciation, while considering capital preservation.
The fund invests in a diversified portfolio of debt instruments rated at least A- or equivalent, including corporate and municipal bonds, bank loans, mortgage-backed securities, and asset-backed securities, with up to 25% in below-investment-grade or unrated debt. The fund may also hold up to 25% in non-U.S. securities, up to 15% in structured mortgage products, and up to 5% in preferred stocks. Because the fund's selection depends on credit ratings and instrument type rather than a fixed benchmark, its composition will shift as credit quality and market conditions change.
| Share class | Gross | Net |
|---|---|---|
| FPNIX | 0.59% | 0.45% |
| FPNRX | 0.77% | 0.55% |
Net is what a holder pays after the adviser's contractual waiver; gross is before it. A waiver can expire.
Portfolio turnover 41.00% · as of 2026 Q1
Allocation
Asset groups · long / short shown separately, never netted · 2026 Q2
| Securitized | 53.19% |
| Bonds | 43.85% |
| Stocks | 1.58% |
| Loans | 0.60% |
| Cash & short-term | 0.15% |
Latest quarter
What changed since the fund's previous filing
Largest new: US TREASURY N/B ×2, TREASURY BILL ×3, TSY INFL IX N/B, Toyota Auto Loan Extended Note, Ford Credit Floorplan Master O
Largest exited: US TREASURY N/B, TREASURY BILL ×3, Verizon Master Trust, Hertz Vehicle Financing LLC, ABPCI Direct Lending Fund ABS, Avis Budget Rental Car Funding
Return profile
Total return as filed — price change plus distributions reinvested · trailing figures to Apr 2026
| Share class | 1-year | 3-year | 5-year | Vol | Worst fall |
|---|---|---|---|---|---|
| +4.18% | — | — | 2.27% | — | |
| +4.12% | — | — | 2.20% | — |
These classes hold the same portfolio, so the 0.06pp spread over 1 year is the cost difference between them — roughly 0.06pp a year — not a difference in what they own.
May 2026 and Jun 2026 have been filed since the trailing figures were struck, so they are not in the table above or the curve — every figure here shares one cut-off, which is what makes them comparable with other funds.
Debt profile
What this fund holds — value-weighted across its bond and securitized long positions · as of 2026-06-30
Share of the fund's debt by how its coupon behaves — the fact that decides whether a rate move reaches this portfolio at all.
| Fixed rate | 86.8% |
| Floating rate | 13.2% |
Share of the fund's debt value in each maturity band, shortest first.
| <1y | 7.0% |
| 1-3y | 10.7% |
| 3-5y | 44.8% |
| 5-10y | 9.9% |
| 10y+ | 27.6% |
These three overlap — one holding can be in arrears and paying in kind at once — so they are shown separately and never summed.
Risk profile
Interest-rate and credit-spread sensitivity, both in years · as of 2026Q2
More of this fund’s sensitivity sits in credit spreads than in interest rates — a rate rally that comes with a credit selloff works against it.
Where the loss would come from. The two shocks are the same size, so this is the balance of the fund's two sensitivities rather than a bet on one moving more.
| Credit spreads | 51% |
| Interest rates | 49% |
Filers report the impact of a 0.01% move only, so the total is our own scaling of that one number and overstates the loss on most bonds — read it as approximate, never as precise. The two sensitivities overlap rather than add up: they measure the same positions against different shocks, which is why the durations above are shown side by side and never summed.
Share of the fund's spread duration carried by each credit tier.
| Investment grade | +3.18 yr |
| High yield | +0.00 yr |
Share of duration at each point, shortest first. A positive figure loses value when spreads widen; a negative one offsets — a credit hedge.
| 3 mo | 0.00 yr | 0% |
| 1 yr | 0.28 yr | 9% |
| 5 yr | 1.55 yr | 52% |
| 10 yr | 0.68 yr | 23% |
| 30 yr | 0.48 yr | 16% |
| 3 mo | 0.00 yr | 0% |
| 1 yr | 0.28 yr | 9% |
| 5 yr | 1.60 yr | 50% |
| 10 yr | 0.75 yr | 24% |
| 30 yr | 0.54 yr | 17% |
The two bands measure the same positions against different shocks and do not add — a Treasury carries rate duration and no spread duration, a floating-rate credit the reverse. Rate tenors are also summed across every currency the fund discloses.
Show the numbers
| Tenor | Rate yrs | IG yrs | HY yrs | IG $/bp | HY $/bp |
|---|---|---|---|---|---|
| 3 mo | +0.00 | +0.00 | +0.00 | $2.9k | $0 |
| 1 yr | +0.28 | +0.28 | +0.00 | $315.7k | $1.7k |
| 5 yr | +1.55 | +1.60 | +0.00 | $1.80m | $2.3k |
| 10 yr | +0.68 | +0.75 | +0.00 | $843.2k | $721 |
| 30 yr | +0.48 | +0.54 | +0.00 | $601.5k | $48 |
Dollar change per 1bp of spread movement, as filed and sign-anchored. A blank cell was not filed; a zero was.
Holdings
By % of NAV · equity positions carry filed share counts · every resolvable issuer links to its company page
| Ticker | Issuer | %NAV | Reported price | Value | Shares |
|---|---|---|---|---|---|
| — | US TREASURY N/B3.88% · due 2031-04-30 | 9.47% | — | $1.06B | — |
| — | US TREASURY N/B3.50% · due 2031-02-28 | 8.88% | — | $995.22M | — |
| — | US TREASURY N/B3.75% · due 2031-01-31 | 7.16% | — | $802.09M | — |
| — | TREASURY BILL0.00% · due 2026-07-09 | 2.35% | — | $263.74M | — |
| — | US TREASURY N/B3.50% · due 2030-11-30 | 2.12% | — | $237.60M | — |
| — | TREASURY BILL0.00% · due 2026-07-02 | 2.10% | — | $235.78M | — |
| — | US TREASURY N/B3.63% · due 2030-12-31 | 1.94% | — | $216.85M | — |
| — | TREASURY BILL0.00% · due 2026-07-16 | 1.53% | — | $171.47M | — |
| — | TSY INFL IX N/B1.25% · due 2031-04-15 | 1.51% | — | $169.79M | — |
| PHIG | PHI Group IncPHIG | 1.09% | $32.00 | $121.81M | 3.8M |
Reported price is the fund's own reported value divided by its own reported shares at 2026-06-30 — not a live quote, and not what the fund paid.
Top 10 positions are 38.16% of net assets, top 25 48.50%, across 87 issuers.
See more of this fund's book
More positions with filed share counts, and the quarter-over-quarter change list rather than the largest few — free with an account, no card required.
Sign in free